International crude prices rose sharply on Thursday as renewed attacks on vessels in and around the Gulf heightened concerns over energy supplies. Brent crude settled at approximately $104.28 per barrel after rising around 4.1%, while disruptions to shipping through the Strait of Hormuz continued to influence market sentiment.
The latest escalation followed reports of tanker attacks near Qatar and off the coast of Oman, alongside Houthi attacks targeting Saudi Arabia. The Strait of Hormuz is a critical route for global oil shipments, and any sustained disruption could affect crude availability, freight costs and fuel prices across importing countries.
The conflict is also increasing uncertainty for economies that depend heavily on imported energy, including India. Higher crude prices could add to domestic inflationary pressures and affect the rupee, transport costs and corporate input expenses.
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